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The global cross-laminated timber (CLT) market to reach $2.3 billion by 2027
Posted on September 30, 2022 |
- In 2027, the market is likely to reach 3,237.61 thousand cubic meters from 1,411.55 thousand cubic meters in 2019, growing at a CAGR of 11.23% as the growing demand for CLT producers in green homes is boosting the market growth.
- The low costs of CLT due to increasing suppliers and shorter total project development time positively impact the industry.
- The shift from concrete-based to wood-based development and the government's initiatives to reduce pollution from construction activities around the globe are impacting the market.
- The volume for construction output will see an increase of 85% to over $15.5 trillion globally by 2030, of which China, the US, and India account for over 57% of this growth.
Image: USDA